We have 2 RRIF Accts at same institution (one in CAD, one in USD). The institution takes the combined automatic minimum withdrawal for the 2 accounts out of the CAD account alone. How should I best handle that within MRA? When I ran the TM, it looked like MRA is assuming that the USD account's minimum RRIF withdrawal still needs to be paid, even though it has already been paid via the CAD account. I tried to handle it by specifying that the USD account's balance on December 31st of 2022 was zero. But when I then ran the TM, the amount that MRA wanted to withdraw from that USD account increased. Not sure why. Thoughts?
The app calculates the RMD for each account separately and pays it from that account. Only if it can’t get the full RMD due to lack of funds will it try to get it from another account (hopefully a rare situation). Not much I can do about that.
So the trick to set the previous year’s account value to 0 would work for the current year to not have an RMD. Except, that given that many users skip entering last year’s balance and current withdrawal, if the reported balance is set to 0 (the default), the app sets it to the current balance to calculate an approximate RMD that is probably more reasonable. Set it to 1$ to work arount that.
Ah ok. Now I understand why the balance kept jumping up from zero.
The $1 workaround works well.
Thank you